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Ayala Group to waive mall rental fees, allocates P2.4B for COVID-19-affected workers


The Ayala Group has allocated P2.4 billion to an emergency response package for its workforce affected by the spread of the coronavirus disease 2019 (COVID-19).

In a Facebook post on Tuesday, company chairman and CEO Jaime Augusto Zobel de Ayala said the amount will be primarily used to finance the wages of its workforce.

"The Ayala group as a whole, has decided to adopt a COVID-19 emergency response package of P2.4B consisting of wages, bonuses, leave conversions and loan deferments primarily for the extended workforce of our partner employers so they may continue to be paid for the duration of the quarantine period," he said.

 

From 12:00 a.m. on Tuesday, March 17, the entirety of Luzon was placed over enhanced community quarantine, restricting travel within the region in efforts to contain the spread of coronavirus disease 2019 (COVID-19).

According to Zobel de Ayala, P600 million of the amount will be used for salary continuance for displaced workers from construction sites, shuttered malls, and retail spaces of Makati Development Corp. and the Ayala Malls group.

It also allocated P270 million for its retail store support staff and vendor partners, while other companies under the group will reserve another P130 million in personnel-related financial support.

The Ayala Group earlier announced that all its malls in Metro Manila will be temporarily closed starting March 16.

In the same statement, Zobel de Ayala said Ayala Corporation will waive rental fees for malls that are not allowed to operate from March 16 to April 14.

"The total package will be worth around P1.4B in rent condonation to provide the merchants of these malls financial relief so they can in turn provide the much-needed financial support for their employees during this period," he said.

Zobel de Ayala said the company will also release mid-year bonuses earlier than scheduled.

"For its own employees, Ayala will continue to provide salary continuance and financial support where possible as most of these employees will be getting their mid-year bonuses normally paid in April starting today through the end of March," he said.

"Ayala has also postponed or delayed employee loan payments due to the Ayala Multi-Purpose Cooperative and have introduced special financial assistance programs at subsidized rates," he elaborated. — Jon Viktor D. Cabuenas/BM, GMA News

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